fbpx
Print this page
Tuesday, 21 November 2017 08:55

Landcorp records a $50 million profit

Written by 
Steve Carden. Steve Carden.

Landcorp, no longer threatened with sales of some of its farms, has reported an after-tax profit of $51.9 million for the year to August 31.

Electioneering National had proposed selling some farms but Labour wouldn’t hear of it.

Its 2017 annual report shows asset values rose to $1.81 billion in 2016-17, an increase of $27.9m on 2015-16. Debt fell from $219.6m to $206.9m.

Recently re-branded as Pāmu Farms of New Zealand, the company’s chief executive Steve Carden says the 2017 result is very pleasing and reflects higher returns from milk, beef and venison.

“As we enter the halfway point of the financial year our business is tracking well. However, any downward pressure in commodity prices as we head into 2018 will impact our result.”

Carden says the company has focused on cutting debt and reinvesting in the business recently as part of its overall strategy. Ongoing solid trading conditions indicate another profitable year ahead, he says.

“Pāmu is looking at how we can enhance shareholder value, not just by being a price-taker at the farmgate, but by adding value right along the food chain.

“Agriculture needs to be changing and evolving in what it produces in response to consumer demand,” said.

“Whether partnering with Spring Sheep Milk Co to offer a unique product range, or providing high quality wool to NZ Merino for the innovative brands they work with... Pāmu is always looking at ways to drive value and innovation.”

Carden says the company is going from strength to strength and the last few years of intensive refocusing is now bearing fruit.

More like this

Go woke!

OPINION: The Hound reckons the powers at Landcorp (or as they/them like to call themselves, Pāmu) are coming under the microscope with the new government in place.

Focus needed

OPINION: The Hound was not surprised to see that Pāmu – better known as state farmer Landcorp – has been told to tidy up its business model and better concentrate on actually farming.

Featured

Sheep drench resistance costly

Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.

Dairy sheep and goat turmoil

Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.

Hurry up and slow down!

OPINION: We have good friends from way back who had lived in one of our major cities for many years.

National

Knowing bugs means fewer drugs

A mastitis management company claims to deliver the fastest and most accurate mastitis testing available at scale for New Zealand…

Machinery & Products

AGTEK and ARGO part ways

After 12 years of representing the Landini and McCormick brands in New Zealand, Bay of Plenty-based AGTEK and the brands’…

100 years of Farmall Tractors

Returning after an enforced break, the Wheat and Wheels Rally will take place on the Lauriston -Barhill Road, North-East of…

JD unveils its latest beast

John Deere has unveiled its most powerful tractor ever, with the launch of the all new 9RX Series Tractor line-up…

Biggest Quadtrac coming to NZ!

In the biggest announcement that Case IH Australia/New Zealand has made around its tractor range, its biggest tractor is about…